The Securities and Exchange Commission is reportedly investigating whether financial firms violated bribery laws by making improper payments to sovereign wealth funds to encourage them to make investments.

The Wall Street Journal first reported on the probe, citing unnamed sources familiar with the matter.

The Journal said the SEC has sent letters of inquiry to banks like Citigroup (NYSE:C) and private equity firms such as Blackstone Group (NYSE:BX), for a total of 10 firms over the past week.

The letters requested the firms retain documents, and questioned their dealings with sovereign wealth funds.

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